• Geopacific Resources has kicked off a 30,000m drill program at the 1.67Moz Woodlark Gold Project in PNG while its DFS remains on track for Q4 2025
• Surface auger results confirm the high-grade potential of Woodlark and an independent study has identified possibly game-changing copper-gold porphyry targets
• Geopacific is in a strong position with $32.3M cash in hand and mid-tier miner St Barbara set to become a 14.4 per cent strategic shareholder

 

Special Report: Geopacific Resources kicked off a renewed phase of resource expansion in PNG during the June quarter, with results emphasising the Woodlark gold project’s high-grade potential and unlocking new drill targets.

The 30,000m reverse circulation (RC) and diamond drilling program started in late June and aims to grow the 1.67Moz project via multiple targets. It’s also supporting Geopacific Resources’ (ASX:GPR) ongoing definitive feasibility study (DFS) work.

Among the standout results reported so far are grades of up to 63.6 grams per tonne gold from surface auger sampling at Little MacKenzie and Wayai Creek prospects.

Looking deeper down, an independent study by porphyry specialist Dr Bruce Rohrlach outlined 14 porphyry-style targets, with three high-priority zones set for future testing.

Porphyry deposits are a major source of gold, copper and silver, which means these targets have the potential to substantially add to the mineral endowment of the district.

In other exploration news, trenching at Little MacKenzie prospect identified brecciated zones up to 60m wide with some visible free gold, signalling more potentially important targets to be drill tested.

The company is looking forward to the first assays from the trenching in this area in the next quarter.

RC work has been completed along the Kamwak/Boscalo North trend and the Busai deposit.

At Boscalo North drilling has targeted near-surface gold mineralisation along the same structural corridor as the Kulumadau West deposit and Great Northern extension, where near-surface mineralisation remains open over an approximate 300m strike extent. Initial results from this area are expected next month.

 

Smooth road to development

Meanwhile the DFS is on track for delivery in Q4 2025. The Reilly’s Creek plant site geotechnical drilling has been ticked off the work program, while AMC Consultants has been engaged for mine optimisation and cost forecasting.

The diamond rig will head to Kulumadau and Busai in Q3 to complete the geotechnical holes supporting the DFS mining studies, including pit design.

A second diamond drill rig is scheduled to arrive on site, also during Q3, to accelerate the exploration drilling.

In a major corporate development, mid-tier gold miner St Barbara (ASX:SBM) is set to become a 14.4 per cent strategic shareholder via a share swap with Patronus Resources (ASX: PTN).

This will bring significant PNG operating expertise to Geopacific’s register, subject to Patronus shareholder approval at a General Meeting on August 20, with St Barbara being the operator of the Simberi mine in PNG.

GPR maintains a strong cash position of $32.3 million with an additional $17 million in long lead equipment assets and a PNG GST receivable balance of $1.1 million.

 

 

This article was developed in collaboration with Geopacific Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.